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1、MicroDataandGeneralEquilibriumModels∗MartinBrowningLarsPeterHansenInstituteofEconomicsUniversityofChicagoCopenhagenUniversityChicago,ILCopenhagen,Denmarkemail:l-hansen@uchicago.eduemail:Martin.Browning@econ.ku.dkJamesJ.HeckmanUniversityofChicagoChicago,ILandAffiliatedwithTheAmericanBarFoundati
2、onemail:jjh@uchicago.eduSeptember2,1998∗ThischapterispreparedfortheHandbookofMacroeconomicseditedbyJohnTaylorandMichaelWoodford,tobepublishedbyNorthHolland,1999.WethankMarcoCagetti,JohnHeaton,JoseScheinkman,JohnTaylor,EdwardVytlacilandNoahWilliamsforcomments.HansenandHeckmangratefullyacknowl
3、edgefundingsupportbytheNationalScienceFoundation.2IntroductionAnextensiveliteratureinmacroeconomicsandpublicfinanceusesdynamicstochasticgeneralequilibriummodelstostudyconsumption,savings,capitalaccumulation,andassetpricingandtoanalyzealternativepolicies.Exceptforafewspecialcases,theeconomiess
4、tudiedcannotbeanalyzedusing“paperandpencil”styleanalysis.Itisoftendifficulttoproducegeneraltheoremsthataretrueforallparametervaluesofdynamicgeneralequilibriummodels.Thisisageneralfeatureofnonlineardynamicmodelsineconomicsaswellasinthephysicalsciences.Forsuchmodels,knowingwhichparametersgovernb
5、ehaviorisessentialforunderstandingtheirempiricalcontentandforprovidingquantitativeanswerstopolicyquestions.Forthenumericaloutputofadynamicequilibriummodeltobeinteresting,theinputsneedtobejustifiedasempiricallyrelevant.Therearetwosourcesofinformationthatarecommonlyusedinrationalizingparameterv
6、alues.Oneisthebehavioroftimeseriesaveragesoflevelsorratiosofkeyvariables.Thesetimeseriesaveragesareoftenmatchedtothesteadystateimplicationsofversionsofthemodelsthatabstractfromuncertainty.Theotherinputisfrommicroeconomicevidence.Inthisessaywediscusstheuseofevidencefrombothsources,concentrati
7、ngmostlyonmicroeconomicevidence.SeeKingandRebelo(1998)andTaylor(1998)forextensivediscussionsofcalibratingrealbusinesscycleandstaggeredcontractmodels,respectively.Itwasoncebelievedtobeasimpletasktoextracttheparametersneededingeneralequi-3libriumtheo
